Skip to main content
4:00 pm
they are definitely moving to the downside. liz: we brought you the news last night that norco southern railroad, that stock went down. reporter: that is right, they went down 3%. the question is are they moving cool or not. speak to the other three stocks looked to be negative. this is how stocks are finishing up. the dow jones of about 1% rated the s&p going in the opposite direction. usually they are in tandem. "the biggest loser" today is actually small and midsized stocks, down 8.5 percentage point. liz: we have talked money managers to explain what is going on today.
4:01 pm
our next guest will tell us what he says is going to be the new dividend powerhouse we do we are just about to get breaking news from tech giant oracle. we are going to the actual numbers to you as soon as they are released. liz: first, we will tell you about today's data download. the dow eked out some genes out after falling 72 points this morning. the industrial stocks are down. after posting big declines for the last two days, oriole took a bit of a breather. crude oil fell 11 cents, ending at $91.87 per barrel. so far this week, oil is now more than 5%. the labor department reported that jobless claims fell 3000 last week. that still misses expectations. the four-week average rose to about 378,000. that is the highest level since
4:02 pm
june. david: we have a lot of breaking news in the cellar. hank smith is using a barbell strategy of defense and risky stocks. we will explain why. and former fed governor mark olson will tell us what he will do if he was the next federal reserve chief. adam shapiro, give us those numbers. reporter: that's right. on earnings-per-share, 53 cents, david. non-gap priorities. he missed 8.18, rounding up to 8.2 billion. david: all right let's go to joe cusick. what's going on joe? what you think of the numbers so far? in the after hours trading umax. reporter: we will expect about a dollar movement in this event. it will be interesting to see how the action shapes up.
4:03 pm
we have seen pullback on the initial event and then we get a little popular. it will be interesting to see what happens after hours. david: by the way, we should mention that the stretch between june and august is typically oracle's best quarter. expectations were dampened by that. liz: hank smith, i want your opinion on oracle. a lot of people onus on their portfolio. it is a huge company that shows real muscle. they are taking on everyone from to hewlett-packard. they are talking smack right and left. is this an investment right now? do these numbers there a better story? >> we have not been owners of oracle. we would be very encouraged that we could see oracle start returning more to shareholders, in terms of dividends. inevitably increase at all that much in the last handful of quarters. it will be a lot more attractive what we could see some tangible
4:04 pm
evidence of a return towards shareholders. in the meantime, we have preferred some other technology companies that pay higher dividends or have higher growth rates. >> one of the things that people poss is that they were in on this buying spree and women these social networking sites. as you saw with facebook. facebook is a little bit the past week or so. but these things are not blooming as people thought they would. >> no, they don't always return the cost of capital. and i think there is a whole history of many technology companies doing that. and getting away from the core competency. i think microsoft is doing that as well. it is better to return cash to shareholders in terms of dividend increases in share buybacks. liz: there is one number that we need to point out to investors and viewers. new software licenses. that is what people want to see. new subscription revenues were up 5% to 1.6 billion.
4:05 pm
take that for where you would hope to see those numbers. the stock is down about 2%. it is moderating a bit at the moment that the aftermarket session. broadening the discussion here, we do have a federal reserve that is obviously extraordinarily active right now. i don't know where average businesses stand on that, but giving you a in outlook, and the kind of visibility, longer stretched down the road, and doesn't make you more confident? >> certainly the fed and monetary policy has been the one certainty and constant over the past several years. where is fiscal policy has been the uncertainty it is good to have a central bank that it has been very consistent. frankly, there isn't a bunch of
4:06 pm
inflation right now, something so we think the fed is doing the right thing be to we do have breaking news on the cyberattacks come we have another twist on that story. adam, what is that we're not. >> sources are saying that the attacks have not ended. jpmorgan chase, according to the sources, with a no customer accounts have been breached by the jpmorgan chase still is experiencing some problems from the cyberattacks, which were initiated yesterday. the day before that it was bank of america, and the new york stock exchange as well. the denial of service attack this week. a group claiming to be affiliated with terrorists, claiming responsibility but it has never been confirmed. liz: okay. david: let me ask you a follow-up question. is there any evidence that these are or other than threats? that there has been a attempt to break through the barriers? >> order mark the sources
4:07 pm
telling us that fox business said that no customer accounts have been breached. david: we don't know exactly how far they have been able to get. let me go back to you now, hank smith, asking your broader question about the economy. we had this issue with the federal express. they really know what they're talking about. you wonder whether you can leave these numbers coming out of china. but when you talk to that asked that has big facilities in china, they know exactly how the economy is going and they say it is slowing down. do you believe in a slowdown story in china? >> yeah, absolutely. i think the question is still whether it is a soft landing or a hard landing. last week china announced a new infrastructure spending program and they do have the capability to put a foot on the pedal and do more stimulus. they have plenty of reserve to do that. we are in a below average
4:08 pm
economy here in the united states. a slight recession in europe. slowing gdp growth in emerging economies. it is a tough environment. >> very tough indeed, thank you. liz: gel, we were check back with you in a few minutes we do the federal reserve announcing another round of money easing. peter barnes is sitting down exclusively with boston fed president eric rosencrantz. here is what he had to say about he thinks how it will affect the economy. >> i think it will have a material impact and they're a number of ways it can happen. one is in the housing market, rates are low, but we are starting to see in the markets that prices are starting to go up. if you think that the federal reserve program will last for a certain period of time, there is
4:09 pm
the same thing when purchasing a large building. interest rates may start rising as the economy improves. that is exactly the kind of behavior we are hoping for. liz: mark olson is a former federal reserve or governor. you heard what he said. a very important interview. he truly feels that qe-3 and they will work. do you think so? >> i think that hank smith nailed it in his previous comment. when you said you have an element of certainty. a monetary policy where there is no certainty of fiscal policy. also, you have taken off the table what monetary policy will be for the next several months. there will be $40 billion each month, purchase of
4:10 pm
mortgage-backed securities. what you have provided is the element of certainty. there are two issues. number one is the psychological boost to it, i think that is very clear. what we have yet to determine is the extent to which it will drive down long-term rates. however, i think what is very important is that when we first considered this issue, he would start out by saying that i'm going to have to have a half trillion of investment in order to achieve that, and if we don't get there, will it have failed. but they said we will do it in 40 billion-dollar increments per month. i think it was a very wise approach. >> there is a huge question we have a portfolio of close to $3 trillion. when this is all over, it might be up to $4 trillion. peter barnes asked him exactly how you unwind this huge portfolio, and here is his response. take a listen to this.
4:11 pm
>> i do think we have the tools to exit when the exit becomes appropriate. the goal is a race in terms of amounts that we were buying or in dates. it is in terms of economic outcomes. that is the reverse of doing this is getting a better macroeconomic outcome. david: that was a response and not an answer. how do you answer the question of how you exit this portfolio? 's matt the risk is that it's going to be -- it was a response, actually. it was the only response that you have. a resilient economy, resilient to the point you can allow the runoff. but i think that all of us but are not part of the road and, that is one of the real risks. there are two risks and that is one of them. what will be the effect when you ultimately start tightening.
4:12 pm
and with the expansion of the money supply like that, you're running the risk of inflation. liz: if you look at treasury protected securities. today, it was kind of anemic. it wasn't like people were rushing there. are we creating any kind of bubble but you can force the? unturned can you foresee that? >> one of the things that the fed is good at is to be able to document that then monitor for inflationary pressure. there is an element of inflation that will project if there is a huge bubble. david: if the huge bubble pops,
4:13 pm
how will the government ever be able to sell its that? >> at the moment, unless we get some changes, we have a market out there because the demand for dollars and dollar denominated instruments around the world remains in china. david: marcos lin, thank you very much for coming in. liz: you make our viewers smarter. thank you. members of congress are debating a potential tax hike. the rate could nearly triple. we have one of the vermeer names to give us a historical perspective next. david: and millions of people are going to get hit with the new health care law. liz macdonald has been digging through the numbers. liz: and the u.s. could lose its
4:14 pm
biggest spot for porsche next year. that's ahead on after the bell. [ male announcer ] what if you had thermal night-vision goggles, like in a special opsission? you'd spot movement, gather intelligence with minimal collateral damage. but rather than neutralizing enemies in their sleep, you'd be targeting stocks to trade. well, that's what trade architect's heat maps do. they make you a trading assassin. trade architect. td ameritrade's empowering web-based trading platform.
4:15 pm
trade commission-free for 60 days, and we'll throw in up to $600 when you open an account. when we got married. trade commission-free for 60 days, i had three kids. and she became the full time mother of three. it was soccer, and ballet, and cheerleading, and baseball.
4:16 pm
those years were crazy. so, as we go into this next phase, you know, a big part of it for us is that there isn't anything on the schedule.
4:17 pm
liz: s&p futures closing right now. let's go back to joe cusick. he wanted to see them in the green. we are going to be rolling them out tomorrow for the settlement. reporter: this was a substantial day. the bull held in despite of the negative action that was going on in the commodity world and so forth this week. liz: good stuff, joe. david: we just reported oracle earnings. let's go back to the floor of the nyse to see how the competitors are reacting to the numbers. reporter: that's right, i wanted to come through this a little bit. let's go back to the numbers.
4:18 pm
earnings per share, right in-line, 53 cents. revenue came in a little bit light at 8.2 billion. we are looking at oracle, which came in under pressure., those are some of the competitors to watch for. one thing worth noting is differentiating themselves and the whole enterprise eating area. they are trying to work more with social media marketing and bring it into the business. at first, it looked like it may be higher. these will be the ones to watch tomorrow as oracle will come into pressure here. a lot of folks were really hoping for a lot of the things for oracle and we will see what happens the one we will be watching, knuckle. liz: congress held hearings today on capital gains and dividend tax rates. it could increase from 15% up to 39.6% at the end of the year.
4:19 pm
will a tax hike have an impact on dividend paying stocks? will people stop buying them or not? howard silver black, s&p index analyst, joins us now. there is a historical perspective here. things were hyped and then brought back down -- let's get your perspective on what happens after the first of the year. >> well, the way the legislation goes right now, 15% to 39%. depending on your income, they can go up to 43.9%. you are tripling the tax amount on there. the strange thing about this, when you look at dividends in the yields compared to bonds and cds and banks, they are still competitive, even at a 43% tax rate. which brings into play the 15% tax rate which is unusual say
4:20 pm
$358 billion in taxes over the last 10 years. since 2003 until the end of this year. now, we are going back to higher rates. when i started, dividends were 70% tax. historically we did see that. it was such an enormous change. we have a little bit different situation here, although that we think that there will be an impact. other competitive rates are not that strong. if you are looking for yield come you don't have to many places to go.
4:21 pm
you go to either dividend paying stocks or you go to some of the others, which have their own situation that are a bit more risky or preferred stocks. we think it's going to be a little bit more limited than we we.historically, that will have an impact. even if we were to revert to go to a 42% tax rate on dividends, it still might return more than what we are seeing on the 10 year treasury. >> definitely. usually the s&p yields are about 43%. less than half of the 10 year treasury. now they are higher. liz: here is another point. if companies like exxon mobil and cisco thought the people were going to start buying stocks because dividend tax rates were so high, why did they been hyped up their dividends within the last year? >> several of those are
4:22 pm
increasing year after year. they don't have too much of a choice. however, dividends even of the at the higher tax rates, they are attractive to investors. and it helps the company is a return of payments to them for dividends as well as buybacks. we think the buybacks might benefit if the tax rate goes up. david: liz: there is always aging and again heard we showed companies that have recently been affected by this. we see a lot of high-tech things. dell came out the dividend. >> yes, technology is the largest payer of dividends.
4:23 pm
they yield a little bit by 2%, but still technology. liz: howard silver black. giving us some perspective. we will be watching it. david: new information about the health reform law showing the individual mandate tax, it could force millions of people more paying taxes. liz macdonald has the story next. also, wal-mart is closing the book on amazon's kindle products. that is coming up ahead.
4:24 pm
4:25 pm
4:26 pm
4:27 pm
read. liz? [buzzer]
4:28 pm
liz: i can't remember if i got it yesterday. yes, we think she did. david: she did. go back to the videotape. liz: the congressional budget office releasing a new report on the health reform showing the individual mandate tax will hit many more americans than originally estimated. david: it wasn't supposed to cost a time originally. fox list's liz macdonald joining us with delays. a little more than a dime, huh? >> six million americans may be hit with the penalty tax when the lawfully rolls out in 2016. that is up from four mill the cbo initially estimated in 2010. this study was done on the joint committee of taxation. they estimated $8 billion bucks will be collected from the mandate tax. that is up from $3 billion. so that is annual revenue intake from the government. the average tax is still about 1200 dollars. the reason why is unemployment. that is messy.
4:29 pm
people lose their jobs. they don't have insurance coverage. they have to pay the tax. states are opting out of the medicaid expansion. that will throw people out of coverage into the penalty tax. what was surprising about the study, 80% of the people who will be paying that penalty tax come from the middle class. they're solidly in the middle class. they make about $123,400 annually with their families. 60 grand if you're single. 2/3 of the tax will come from families that make $98,000. what is striking about the study? 24 million people will be exempt from the mandate tax that is huge number considering there are 30 million basically uninsured. this is according to cbo estimates. why are they going to be exempt? the government will exempt them, not just because they're poor but because of hardship. that they claim hardship from the tax. also because of religious beliefs. this again is going to be really messy roll out of the bill. we'll stay on top of this
4:30 pm
because i think the numbers would change. >> i wish i had a dime for how many times the president said it wouldn't cost a dime. >> wouldn't add a dime to the deficit, right? it will cost people's money. david: good stuff. thank you very much. the fiscal illusion. a new study finding some people are underestimating the cost of government benefits and could cost big problems for our economy. we have details coming next. liz: look out pryce line and expedia, do you use those? a new last minute travel company is looking for a piece of your industry's pie, your business. it is getting millions of dollars in financing. we're introducing you to the ceo and the operation next. [ male announcer ] wouldn't it be nice if there was an easier,
4:31 pm
4:32 pm
less expensive option than a traditional lawyer? at legalzoom you get personalized services for your family and your business that's 100% guaranteed. so go to today for personalized, affordable legal protection. has oats that can help lower cholesterol? and it tastes good? sure does! wow. it's the honey, it makes it taste so... well, would you look at the time... what's the rush? be happy. be healthy.
4:33 pm
♪ [ male announcer ] every car we build must make adrenaline pump and pulses quicken. ♪ to help you not just to stay ale... but feel alive. the new c class is no exception. it's a mercedes-benz through and through. see your authorized mercedes-benz dealer for exceptional offers through mercedes-benz financial services. liz: time for a look at today's market drivers. stokes were little changed today with the dow, the only index managing to end higher
4:34 pm
after falling more than 70 points in earlier trading and moving across the flat line, more than 25 times. consumer staples and energy were the best performers. it was really industrials which lagged. the lable for department reporting initial jobless claims fell by 3000 to 328,000. the four-week average which smooths out the volatility increased by 2000. that is the highest level since june 30th this is the number we want to see down, not go up. mitt romney may not have said it he will qenltly, sorry, charging ahead. david: try that from the beginning. mitt romney didn't say it elegently but concern about roughly half of all american households that don't pay income taxes is spreading to institutions like the tax foundation which issued a report on deeper consequence of that trend. according to the report, the concern is when people perceive the cost of government to be cheaper than it really is, they're going to demand ever more
4:35 pm
government benefits because though either don't feel the cost directly or they think that others will be paying those costs the with us now, is david williams, one of the authors of the taxpayers protection alliance. curtis dubai, senior tax policy analyst at heritage foundation. will mcbride is one of the coauthors of the report. will, i will go to you first. it makes it easier for politicians to propose stuff that can't be paid for because when folks don't feel the cost of it because they're not paying any income tax? >> that's correct. that so-called 47% or roughly half the population that does not pay any federal income tax. and so that cost of the basic, that is the basic cost of government, which is funded through the personal income tax, it is the largest source of revenue for the federal government. so it's very simple. if you went into wal-mart and they said, hey, guess what, everything's free today, what would happen? you would suddenly have a much bigger appetite for
4:36 pm
whatever wal-mart is selling. so this has become a major driver behind the unsustainable growth and particularly entitlement spending. we find actually there's a very strong, statistical connection between these two things. david: david williams, of course even though half the country may not be paying for it in terms of their income tax, eventually, as maggie thatcher said you run out of other people's money. we're close to running out of other people's money. so it will hit the fan no matter what happens, whether half the country feels it or not. >> well, absolutely and we see the debt ceiling will have to be increased in december or january the fact of the matter is a lot of people don't trust the government to spend their money. so they look for ways whether income tax or other taxes. this is rational behavior by people when they see a $16 trillion debt and ridiculous projects being funded, they say wait a second. if there is a way i don't have to pay taxes and spend
4:37 pm
my money i am going to find that way. david: curtis, the top 10% of earners in this country pay 71% of all the income tax. that's simply not sustainable, and we've gotten as much out of them as we can get. how in lord's name are we going to eventually pay for all this? >> well, we have to get spending down, there is no doubt about it. spending is growing rapidly for last couple years and wee continue spending rabidly until we get more people brought in to reduce size of government. the hullabaloo of 47% that doesn't pay, paying for national defense, homeland security, food and drugs, national parks they have no incentive to say no when people in washington want to expand on the issues. more government means more dependency. our index shows more people are dependent on the government. that is bad for the nation's finances but just as bad for individuals because
4:38 pm
dependency erodes human dignity. david: david, the fact is when you focus all of that income collection, the income tax collection, on such a small percentage of the population, 10%, paying for 71%, you wonder whether income tax itself is just becoming a wealth tax? we tried wealth taxes before and they don't work. >> well we tried wealth taxes before and they're talking about wealth taxes again to increase the burden on, on the wealthy. david: david, my point is, it is already a wealth tax, when you have 10% of the population paying 71% of the income tax, it is a wealth tax. it is a tax specifically focused on the top 10%. >> and it is pure redistribution. that is what we have in this country, is redistribution from the top down to the bottom. the other points that were made are right on because we have the growing dependency. we have food stamps increased from 32 million people to 46 million households now over last four or five years. so the gentleman from
4:39 pm
heritage is absolutely right. a culture of growing dependency. david: will mcbride, what do we do? >> well i think it's clear, if you read our study, that one key element required to get us back into sort of a sustainable balance of government, spending and revenue, that is close the deficit, we have to get the consumer, if you will, the voter, engaged in the process so they feel the cost of these programs. that means, broading the tax base. that means making the tax code less progressive, and shifting some of that tax burden down the income scale. david: david, sound like it is simpson-bowles. i mean just get rid of all these tax credits, all these tax deductions for everybody along the line. lower tax rates and get closer to a flat rate. >> right. but one caveat here i don't want to see taxes increased on the middle class or the lower middle class.
4:40 pm
i think that could be a problem if we see those tax increases. so while i agree in principle, what we might see is really a, maybe detrimental to the economy. david: david williams, curtis dubai, william mcbride, appreciate it gentlemen. >> thank you. david: liz? liz: david, hotel prices have risen 5% in the last year. we've got the ceo of a income who says it is making it easier than ever for his business and travelers to save anywhere from 30 to 70% on their hotel stays. plus farmers across the country harvesting their crops at a record pace hoping to cash in on the record prices before the start of fall. jeff flock down on the farm with the story, straight ahead on "after the bell." when i found out my irregular heartbeat put me at 5 timesgreater risk o, my first thoughts were about my wife, and my family. i have the most commonype of atrial fibrillation, or afib.
4:41 pm
it's not caused by a heart valve problem. i was taking warfarin, but my doctor put me on pradaxa instead to reduce my risk of stroke. in a clinical trial, praxa® (dabigatran etexilate mesylate) reduced stroke risk 35% better than warfarin. and unlike warfarin, with pradaxa, there's no need for regular blood tests. that's really important to me. pradaxa can cause serious, sometimes fatal, bleeding. don't take pradaxa if you have abnormal bleeding and seek immediate medical care for unexpected signs of bleeding, like unusual bruising. pradaxa may increase your bleeding risk if you're 75 or older, have a bleeding condition like stomach ulcers, or take aspirin, nsaids, or blood thinners, or if you have kidney problems, especially if you take certain medicines. tell your doctor about all medicines you take, any planned medical or dental procedures, and don't stop taking pradaxa without your doctor's approval, as stopping may increase your stroke risk. other side effects inclu indigestion, stomach pain, upset, or burning. pradaxa is progress. having afib not caused by a heart valve problem increases yourrisk of stroke.
4:42 pm
ask your doctor if you can reduce your risk with pradaxa. why they're always there to talk. i love you, james. don't you love me? i'm a robot. i know. i know you're a robot! but there's more in you than just circuits and wires! uhhh. (cries) a machine can't give you what a person can. that's why ally has knowledgeable people there for you, night and day. ally bank. your money needs an ally. >> i'm adam shapiro with your fox business brief. cyber attacks on u.s. banks
4:43 pm
continue. sources tell fox business that chase experienced problems from yesterday's attack but believes all its customer information remains secured. chase, bank of america and the new york stock exchange have all suffered denial of service attacks just this week alone. a group claiming to be affiliated with islamic terrorist groups has taken responsibility for the attacks but that claim has not been verified. chase is also investigating the sources of the attacks as well as the other institutions. banks are reportedly tightening their cybersecurity as a result. even with another lackluster day for oil drivers are feeling the pain at the pump. according to aaa daily fuel gauge the price of a gallon of regular gasoline, $3.84. that's the latest from the fox business network, giving you the power to prosper. [ male announcer ] you are a business pro.
4:44 pm
governor of getting it done. you know how to dance... with a deadline. and from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. this is awesome. [ male announcer ] yes, it is, business pro. yes, it is. go national. go like a pro. >> we have breaking news on the cyber attacks against u.s. financials institutions. the same group that claims
4:45 pm
to be affiliated with a islamic terror organizations is taking credit not only for cyber attacks on bank of and new york stock exchange but also for the cyberattack on jpmorgan chase manhattan bank. again that group claiming now for responsibility on the financial institutions. however, none of this has been confirmed. the source of the denial of service attacks has not been bin pointed as of yet. -- pinpointed. david? david: very interesting stuff, adam, thank you. hotel prices are up 5% from last year according to the newest data from the hotel price index but our next guest says there are big discounts for last minute hotel rooms. liz: joining us is sam shank, hotel tonight ceo and cofounder. and your site has 300 milliondown loads right now. people are loving it. we decided to haul you in because not only do we see this as a interesting business and startup story but clearly there is situation going on with hotel rooms. first, describe how your business work. >> first one correction, 3
4:46 pm
million downloads. not 300 million. liz: okay. >> we're on our way there but we're getting there slowly but we're still one of the leading hotel books apps. the way our apps work we have hotel rooms that otherwise wouldn't sell. we put them on the site. provide a discount to sell the rooms. provide the rooms at great price and make it simple to book and we have a lot of people using the app right now. david: in some places you have more empty rooms than other cities. new york has a very low vacancy rate whereas someplace in the midwest might have a great one. so might there, some time you have to pay a premium for getting a hotel room at the last minute as opposed to a discount? >> yeah. you know, prices fluctuate. it is supply and demand of the not so much one city versus another city. it is more about the exact market conditions. for example, in new york, you're going it find really great deals on the weekends. some weeks will have good deals. during fashion week there will be a premium on the prices that is overall. on hotel tonight we always
4:47 pm
have a discount versus what you pay when you walk into a hotel. liz: how about hotel tomorrow night? some people need more than one night. if you're there for hotel tonight. you get a discount and reapply the next day? >> you can book up five nights in a row starting tonight, always tonight but can book up to five nights a row. for people that need there to be a week or weekend we can help them from that. liz: where do you get your inventory, sam? >> we work directly with 1500 hotels. we provide that information. give them information at front desk. you can check in right away. one of the interesting things about the hotels, we don't just work with any hotels. we work at hotels we personally vet. we look at social media scores and reviews and continually monitor they're great hotels. that way you don't have to research and look through a list of 500 hotels and figure out which one is the right one for you. we make it simple that you will know you're a in a quality hotel at a great rate. david: how do you offer
4:48 pm
discounts some of the bigger names can't offer? >> well i think one of the reasons is that we're mobile only and we're only focused on this last-minute segment. we provide a platform where the hotels provide this last minute inventory. they compete against each other on any day for the spots within the app. the best deals for that day get shown to the consumer. that keeps the hotels really motivated to provide the best discounts of the they have a big incentive to move the rooms that otherwise would not sell. with the competition that even drives the prices lower. the consumers can feel confident they're getting a great hotel at a great value. liz: what is one of the best deals you've seen in the past couple months? >> we have great deals in new york. we have some great partners there. i think i saw the thompson les for, in the low hundreds. was a recent deal. we have the hotel vitali in san francisco for the mid hundreds. that is one of our popular hotels too. there is something for everyone though. if you're looking for more
4:49 pm
basic hotel we have rooms in new york that are often under $100. david: i see hotel chelsea for 95 bucks. that seems impossible but i guess you can do it. thanks for coming on. best of luck to you, sam shank. liz: thank you. david: hotel tonight is the name of the website. liz: midwest farmers off to the races following the summer severe drought. jeff flock joining us from the fields in illinois next. [ owner ] i need to expand
4:50 pm
to meet the needs of my growing business. but how am i going to fund it? and i have to find a way to manage my cash flow better. [ female announcer ] our wells fargo bankers are here to listen, offer guidance and provide you with options tailored to your business. we've loaned more money to small businesses than any other bank for ten years running. so come talk to us to see how we can help.
4:51 pm
wells fargo. together we'll go far.
4:52 pm
4:53 pm
liz: a number of farmers in the united states are having a record harvest this year despite the summer's devastating drought. david: fox business's jeff flock is on a farm in illinois with the very latest details. jeff? >> david, i'll tell you what is a record harvest. that is the record speed of this harvest. already 25% of the nation's corn crop has been harvested. that is an incredibly large number for this time of the year. you're looking at beans right here. we talk about corn though. as i talk to paul and donna jeske, so nice to open their harvest up to us today, you really are doing this early, donna, right?
4:54 pm
>> that's right. normally we wouldn't be starting until almost this week. in a normal year but we're 2/3 done with beans, i'm sorry, a good start on beans. >> look at numbers if we can, corn. take a look first of all intraday, another down day for corn. all summer if you look at three months it was huge run-up in corn. so you had good price but not much to sell. >> well our corn is half of normal. so we're very, very short on corn. so we need that price to make up for the yield loss. >> tell me what the beans are doing as we watch your bean harvest right now? >> beans have been a bit of a surprise. they're down 20% from normal. so, with that extra price we'll be all right on beans. >> you guys are hurrying to harvest right now. you've got a pretty decent price. i would like to get this to market. >> that's right. the market called for a crop and we like to get it all there as soon as possible. >> i want to thank the jeske
4:55 pm
family today. this is all american family, their son works in the investment field in chicago. used to work for bain capital, curiously enough. they would like to find an heir to the farm. maybe a granddaughter, 18 months may work on the farm in the future. we certainly hope so. they have done a great job. liz: start her early. david: maybe one of the viewers out there. still a lot to be said for farming. jeff, thank you very much. >> could be us. david: could be us. well, how much would you pay for a piece of the moon? we're going to tell you how much one moon rock is actually going for. that is coming up next. liz: we have numbers that could shake up your invests tomorrow. you need to hear "tomorrow's trades today." next. ♪ . ♪
4:56 pm
4:57 pm
4:58 pm
forz(power!) andiamo! andiamo! (let's go! let's go!) avanti! avanti! (keep going! keep going!) hahaha...hahahaha! you know ronny, folks who save hundreds of dollars by switching to geico sure are happy. and how happy are they jimmy? happier than christopher columbus with speedboats. that's happy! get happy. get geico. fifteen minutes could save you fifteen percent or more.
4:59 pm
liz: let's go off the desk. get ready for an out of this world auction literally. heritage auction house just put a piece of the moon up for sale. it is a space rock. it is the fourth largest piece from the moon, weighing in at four pounds. it was believed to have broken off during an asteroid impact. the current bid? $170,000 for that thing. the yes the moon rock is expected to fetch at least 380,000. david: i don't know. the number one thing to watch for tomorrow will be oil. food has had a -- crude has had a wild ride the last four days, ending today's
disc Borrow a DVD of this show
info Stream Only
Uploaded by
TV Archive
on 9/20/2012